PwC services in XBRL implementation

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About the XBRL standard

eXtensible Business Reporting Language (XBRL) is a globally used, open standard (format or language) developed to facilitate the electronic exchange of business and financial information.

The Bank of Russia’s XBRL project for Non-Credit Financial Institutions (NFIs)

In 2015, the Bank of Russia initiated a project for transitioning NFIs to a common, advanced, XBRL-based electronic format for reporting data.

The goal of the project is to improve the efficiency and quality of supervision over NFIs.

Specific features of the project: 17 types of NIFs, three types of reports: financial statements, supervisory and statistical.

Date of NFIs’ mandatory transition to XBRL: 1 January 2018

Advantages of XBRL

  • Improved quality of financial statements
  • Reduced reporting time cycle
  • Simplified administration of reporting data
  • Reduced costs for gathering, processing and analysing data
  • Ease of cooperation with counterparties using XBRL format
  • Unified exchange of transactional information within an organisation or corporate group without having to align to the specific features of different accounting systems

XBRL features

  • Centralised maintenance of a consistent, unified set of indicators (unified data model)
  • Automatic data quality checks
  • Standardisation and automation of the process of gathering, processing and analysing data
  • Expanded opportunities for and increased speed of data analysis

PwC Russia’s XBRL team includes over 20 professionals who have world-class expertise in XBRL, accompanying IT solutions and change management. More than half of our team’s members hold XBRL International Certificates. Our team is supported by the PwC global network, including experts from the US, China, the UK and the EU.

 

XBRL services

For non-credit financial institutions (NFI)

  • Managing XBRL implementation projects while factoring in the Bank of Russia’s new requirements
  • Consulting on regulatory XBRL requirements
  • Preparing XBRL-format reporting
  • Analysing the availability and completeness of data required for XBRL-format reporting
  • Mapping current system of indicators to the Bank of Russia’s system of XBRL indicators
  • Analysing current IT systems that are data sources for XBRL integration
  • Analysing the current technological and business processes for preparing, gathering, reviewing and transferring reports. Developing recommendations on adapting them to the Bank of Russia’s new requirements
  • Developing a target architecture for gathering, processing and analysing data, including requirements for IT systems and the corporate data warehouse (DW) in XBRL
  • Formulating recommendations on updating the organisation’s IT systems to facilitate the automatic preparation of accounting reports (financial statements), supervisory and statistical reports in XBRL format
  • Formulating instructions and regulations for business units’ cooperation in XBRL reporting
  • Developing additional XBRL analytical indicators and business rules for management accounting purposes
  • Selecting XBRL software
  • Consulting on regulatory requirements for XBRL
  • Supporting projects and monitoring the quality of XBLR implementation in the organisation, testing XBRL IT solutions
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For financial corporations and holding companies

  • Developing a single, XBRL-based corporate data model
  • Developing XBRL taxonomies of any level of complexity
  • Developing XBRL analytical indicators and business rules for management accounting purposes
  • Managing XBRL implementation projects
  • Supporting projects and monitoring the quality of XBLR implementation within the organisation, testing XBRL IT solutions
  • Selecting XBRL software
  • Mapping the current system of indicators to the target system of XBRL indicators
  • Developing target architecture for gathering, processing and analysing data, including requirements for IT systems and the corporate data warehouse (DW) in XBRL
  • Formulating instructions and regulations for business units’ cooperation in preparing, gathering and analysing XBRL reports
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For government organisations

  • Analysing and identifying requirements for data and reports; developing XBRL-based industry data models
  • Developing XBRL taxonomies of any level of complexity
  • Managing XBRL projects
  • Supporting projects and monitoring the quality of XBLR implementation in the organisation, testing XBRL IT solutions
  • Selecting XBRL software
  • Mapping the current system of indicators to the target system of XBRL indicators
  • Developing target architecture for gathering, processing and analysing data and XBRL-based inter-agency information exchange
  • Formulating instructions and regulations for cooperation in preparing, gathering and analysing XBRL reports
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IT services

  • Analysing existing technological and business processes for preparing, gathering and transferring regulatory reports; developing recommendations on adapting them for XBRL
  • Analysing IT systems and data sources for potential XBRL integration
  • Developing target architecture for gathering, processing and analysing data in XBRL, including requirements for IT systems and enterprise data warehouse
  • Formulating recommendations on updating the organisation’s IT systems and corporate data warehouses to facilitate the automatic preparation of accounting reports (financial statements), supervisory and statistical reports in XBRL format
  • Selecting XBRL software platform
  • Supporting projects and monitoring the quality of XBRL implementation in the organisation, testing XBRL IT solutions
  • Managing projects for the implementation of IT systems and corporate data warehouses with XBRL support
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Methodological support

  • Analysing and identifying requirements for data and reports; developing special XBRL-based data models
  • Developing XBRL taxonomies of any level of complexity
  • Managing XBRL projects
  • Supporting projects and monitoring the quality of XBLR implementation within the organisation
  • Consulting on regulatory XBRL requirements
  • Preparing XBRL-format reporting
  • Mapping the current system of indicators to the target system of XBRL indicators
  • Formulating instructions and regulations for business units’ cooperation in preparing, gathering and analysing XBRL reports
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Related services

  • Consulting on transitioning to the Unified Chart of Accounts (UCoA)
  • Consulting on enhancing the efficiency of management reporting
  • IT services:
    • Performing IT diagnostics and assessments / IT audits
    • Developing IT strategies
    • Proposing and developing IT architecture
    • Improving IT efficiency
    • Managing IT processes
    • Managing IT projects and programmes
    • Performing feasibility studies
    • Assessing the quality of implementation of IT systems and processes
    • Managing data
    • Developing IT strategies
    • Analysing design and developing architecture, developing and auditing the implementation of IT solutions (ERP, EPM, DWH, BI, EAM, BPM)
    • Assisting in software selection
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